LVMUY vs ZGN: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: LVMUY is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. LVMUY and ZGN share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined LVMUY and ZGN exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

LVMH Moët Hennessy Louis Vuitton SE (LVMUY) is the world's largest luxury-goods company, a French group that owns a portfolio of more than 75 prestige houses across five business groups: Fashion & Leather Goods (Louis Vuitton, Dior, Loewe, Celine, Fendi), Wines & Spirits (Moët & Chandon, Dom Pérignon, Hennessy), Perfumes & Cosmetics (Dior, Guerlain), Watches & Jewelry (Tiffany & Co., Bvlgari, TAG Heuer), and Selective Retailing (Sephora, DFS). It makes money by designing, producing, and selling high-margin luxury products, with Fashion & Leather Goods acting as the profit engine: in 2025 that division alone generated about 37.8 billion euros of revenue and roughly 13.2 billion euros of recurring operating profit at a 35% margin, well over half of group profit. LVMUY trades in the US as an over-the-counter ADR where each receipt equals one-fifth of an LVMH ordinary share, which lists in Paris as MC.PA.

Full LVMUY guide

Ermenegildo Zegna Group is a vertically integrated Italian luxury company that designs, makes, and sells high-end menswear, fabrics, and accessories. Its portfolio spans three brands: the flagship ZEGNA (tailoring, leisurewear, and its own luxury textiles), Thom Browne (a fashion-forward American label), and TOM FORD FASHION (licensed apparel and accessories). The group is unusual in luxury for controlling much of its own supply chain, from wool sourcing and fabric mills to directly operated stores, and it went public on the NYSE in 2021 through a SPAC combination. The Zegna family, through its Monterubello holding company, remains the controlling shareholder with a roughly 60% stake.

Full ZGN guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• LVMUY drivers: Fashion & Leather Goods is the engine; A diversified luxury portfolio.
• ZGN drivers: ZEGNA brand elevation and direct retail; Margin discipline and net cash balance sheet.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: LVMH is exposed to luxury cyclicality: discretionary demand falls in downturns, and 2025 showed how quickly sales and profit can decline. For ZGN, luxury demand is cyclical and sensitive to a slowdown in China, tourism flows, and wholesale channel health, and Zegna took a provision related to the Saks Global receivable that highlights US department-store risk.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick LVMUY if you believe its drivers more; ZGN if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the LVMUY and ZGN guides.

LVMUY. Reading a luxury compounder like LVMH centers on organic (constant-currency, like-for-like) revenue growth and operating margins rather than headline reported figures, because acquisitions and the euro distort the top line. Fashion & Leather Goods margins above 30% and a roughly 22% group margin even in a soft year show the durability of the business. Note the share structure when comparing prices: the LVMUY ADR represents one-fifth of an LVMH ordinary share, so its quote and per-ADR dividend are about one-fifth of the Paris-listed ordinary share (MC.PA), and the more thinly traded LVMHF counter represents a full ordinary share.

ZGN. As of July 2026, ZGN traded around $13-14 per share for a market cap near $3.6 billion, with a trailing P/E around 30x that reflects a premium luxury multiple on a business whose revenue was roughly flat but whose earnings grew about 20%. The FY2025 results (reported March 2026) showed margin expansion and a swing to net cash. The valuation prices in continued brand elevation, so it is sensitive to any deceleration in luxury demand.

Headline figures (approximate, FY2025 results (reported January 27, 2026)): LVMUY shows revenue (fy2025) ~80.8 billion euros, down ~5% on a reported basis with sales stabilizing in H2, organic growth (fy2025) broadly flat to slightly negative for the year; Q3 ~-3%, Q4 back to low-single-digit growth, recurring operating profit ~17.8 billion euros, an operating margin of ~22%, net profit (group share) ~10.9 billion euros, down roughly 13% year over year; ZGN shows revenue (fy2025) ~€1.92B (~$2.25B TTM), net profit (fy2025) ~€109M (up ~20% YoY), adjusted ebit (fy2025) ~€163M, gross margin (fy2025) ~67.5%.

LVMUY and ZGN are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined LVMUY and ZGN exposure against your real portfolio. It is not an investment adviser.